Kenyan shilling seen firming, shares extend losses

The Kenyan shilling was broadly stable on Tuesday and traders said it could strengthen in the days ahead, helped by dollar inflows from non-governmental organisations.

Shares slipped, extending losses from Monday, the first day of trading this year.

At the 1330 GMT close of trade, commercial banks quoted the shilling at 102.25/35 to the dollar, barely moved from Monday’s close of 102.20/30.

“Maybe when inflows improve, we will see it gaining. I have seen some big NGOs (non-governmental organisations) making enquiries. But for now we are locked in range-bound trade,” a trader at one commercial bank said.

On the stock market, the benchmark NSE-20 share index fell 0.82 percent to close at 3,974.58 points.

The index lost 20 percent last year as investors fled from risky assets ahead of a long-anticipated December rate increase by the U.S. Federal Reserve.

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